Re: Show us the circuit breakers!
Commonly called timber frame in the UK. The timber studwork, when combined with a sheet material such as plywood or OSB, forms the structure of the house and the bricks on the outside (or boards or tiles or render or whatever) is simply decorative. Likewise the internal face - almost invariably plasterboard - is purely decorative. Cutting holes in this plasterboard for sockets and switches does not affect the structural integrity of the building at all, though you may need to be careful if the wires to those sockets run in the insulation.
The panels are usually built off-site so on-site construction can be very quick. The end product will not be any cheaper or more expensive (as a rule) than a more traditional block-built house and will enclose a very thermally "lightweight" space which heats up very quickly.
Even in a block-built house, the internal skin is often covered with plasterboard. This is usually fixed using the "dot and dab" method where blobs of plaster are splatted onto the blocks and the board is pressed on top of these blobs. This has the severe disadvantage that if the details aren't done properly you risk a gale blowing through the cavity thus created, quite probably defeating any insulation in the wall itself.
Our house? Traditional wet plaster on block. No plasterboard in sight. Even upstairs where the partitions are stud, the stuff is to be covered with Fermacell which is just better.